This article is from the Australian Property Journal archive
CLOUDS around the future of Asia Pacific Data Centres may be lifting, after the Supreme Court of New South Wales handed down separate judgements related to the spat between major shareholder 360 Capital and the group’s sole tenant NextDC, which holds a 29.2% stake.
The Court found NextDC in the clear of accusations by APDC, which has been trying to sell off its three data centres, that it had been obstructing access to the facilities of valuers and potential purchasers for inspections. NextDC, which is looking to wind up the trust, was awarded costs.
“[T]here is not now, and there has not to date been, any assertion of conduct on behalf of the tenant which has either been not in good faith or not reasonable,” the Court stated.
APDC has formally withdrawn the properties from the market after unsuccessfully shopping them around, with NextDC rejecting three offers. APDC said in February that an offshore party had made a $280 million offer for the portfolio, before they withdrew from the sales process due to “reasons external to the APDC portfolio”, according to APDC.
In a separate ruling last week, the Court found that 360 FM, a subsidiary of 360 Capital, which holds a 67.3% interest, was eligible to vote in the shareholder meeting that would decide on NextDC’s proposal. 360 Capital was awarded costs.
The vote had been adjourned since early this year over the dispute over 360 FM’s eligibility, and will now take place this Friday.
NextDC is weighing up an appeal.
Australian Property Journal
